Nifty Closed Lower For The Eighth Trading Day

NIFTY:

The NIFTY opened at 17383.25 with a gap down of just 9 points. The index initially moved higher but failed to sustain at the higher levels and started drifting downwards. Prices recorded its intraday high at 17440.45 and saw a sharp intraday decline. The index went below 17300 to record its intraday low at 17255.20 and then saw a pullback. The recovery was slow and the index finally closed at 17303.95 with a loss of 88.75 points or 0.51% down. MEDIA outperformed today by closing with a gain of 2.46% followed by REALTY which ended with a gain of over 1%. PHARMA and OILGAS underperformed today and ended with a loss of over 1%. We are expecting either a relief rally or a brief consolidation here. Support is now visible around 17300. As of now, we should step aside and avoid trading the index as the chance of brief consolidation is higher.

BANK NIFTY:

The BANK NIFTY opened at 40302.70 with a gap down of just 53 points. The index initially started moving sideways from the opening tick inside a very tight narrow range. Prices recorded its intraday high at 40391.45 and saw a breakdown. The index moved down, recorded its intraday low at 40073, and bounced up. Prices have finally closed at 40282.85 near its opening tick with a loss of just 73 points. PVT and PSU BANK both indices have performed almost the same today saw an intraday rally and closed higher by 0.40% & 0.14% respectively Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. BANK NIFTY traded very narrow and choppy today. The index recorded a narrow range day and ended with a minor loss just above the 40000 mark. The trend is down. After a recent fall, we are expecting some kind of consolidation. That consolidation is going on. We will get a trading opportunity once prices break out one way or the other.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended on negative note in the volatile session on February 28 with Nifty around 17,300. At Close, the Sensex was down 326.23 points or 0.55% at 58,962.12, and the Nifty was down 88.70 points or 0.51% at 17,304. About 1683 shares have advanced, 1677 shares declined, and 130 shares are unchanged.

• The central government’s fiscal deficit for the first 10 months of 2022-23 widened to Rs 11.91 lakh crore, data released on February 28 by the Controller General of Accounts showed. At Rs 11.91 lakh crore, the fiscal deficit for April 2022-January 2023 accounts for 67.8 percent of the full-year target for 2022-23.

• State bank of India (SBI) on February 28 announced the completion of a $1-billion Syndicated Social Loan Facility. The loan was $500 million with a greenshoe of $500 million.

• Shareholders of mortgage lending major Housing Development Finance Corporation (HDFC) have given their nod to the amalgamation of HDFC Ltd. and HDFC Bank, the company said in a communique to National Company Law Tribunal (NCLT).

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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